The loss of a job, a change in your wages or any other number of factors can cause you to experience financial difficulties. If you are like others in Lane County who have been faced with such difficulties, you may have considered debt relief options, such as bankruptcy, to help you regain control of your finances. While chapter 7 filings are generally the most common, filing for chapter 13 bankruptcy may be better suited for your situation and needs.
The ability to run a small business is a dream come true for many people, and can be a rewarding experience. Unfortunately, many small business owners in Eugene are experiencing financial difficulties due to today’s tough economy. It can be heartbreaking if you’re thinking about shutting down your beloved company because you aren’t able to pay the bills. Fortunately, there are some options that you can consider before closing the doors for good on your small business.
If you’re trying to manage overwhelming debt, you’re not alone. Many individuals and families in Eugene are facing crippling debt through circumstances that may not be their fault. As we’ve discussed previously, financial hardship can hit suddenly through unemployment, an injury or unexpected illness. At the Law Office of Kim Covington, we strive to help people who are struggling with debt. One method that has been effective for countless people is Chapter 7 bankruptcy.
Often we’ve discussed the problem of insurmountable medical debt in this blog. Health care has become so problematic for people in Oregon as well as the rest of the country, that it’s been a hot topic for reform for many years. Even now after the Affordable Care Act, many people have been struggling to manage their medical debt.
Medical bills are unfortunately one of the largest potential expenses that you may face. Even if you have medical insurance or coverage of some sort, emergencies can still cost a large sum of money. This may lead to you facing a number of hardships, which you certainly don’t need in addition to your medical issues.
Medical debt and associated expenses or loss of income is a primary cause of serious consumer debt in Oregon and around the country. Many people end up choosing to file either a Chapter 13 or a Chapter 7 bankruptcy due to the effects of such situations. When seeking debt relief, people have many concerns including the need to stop creditor harassment, stop wage garnishment and to achieve a new start for a better financial future.
Many things can lead a person to have a debt level higher than he or she is able to successfully manage. A job layoff or termination or a divorce are among some of the most common reasons that create such a situation. When an unexpected medical condition arises, the medical bills can mount fast, leaving the patient with a whole new crisis on top of the health concern that created the medical expenses to start with. In order to get a fresh start, some people may consider a Chapter 7 bankruptcy if no other option is available.
In Oregon as well as throughout the nation, many people with financial challenges have sought help with high, overwhelming debt in recent years. For individuals or couples, Chapter 13 or Chapter 7 bankruptcies have been able to offer help and the ability to get a fresh start. Many companies as well have found a bankruptcy to be an effective way of restructuring and keeping their businesses afloat.
Oregon residents struggling with debt may face many types of obligations. These can include mortgages, medical bills, balances on credit cards, student loan payments and more. When a debtor cannot afford minimum payments on any of these types of consumer debt, collection action may ensue. Some people may look to a Chapter 7 or Chapter 13 bankruptcy for help with others may be able to successfully achieve loan negotiation to provide relief from creditor harassment and mounting debt.
Many residents in Oregon suffered greatly in the recent housing downturn and economic recession. The break in the housing boom, unemployment and other factors led many people in the state to seek help for their financial challenges. Some people were able to find the debt relief they needed through consolidation plans and others opted to take advantage of the protection provided under either a Chapter 13 or a Chapter 7 bankruptcy.